Seven Tides unveils $354m Jumeirah mixed-use tower

DUBAI, May 22, 2018

UAE-headquartered upscale residential, hospitality and commercial property developer Seven Tides has announced the launch of Se7en City JLT, its first mixed-use development at Jumeirah Lakes Towers in Dubai.

The Se7en City JLT, being developed at an estimated cost of Dh1.3 billion ($354 million), will house 2,635 residential units. Around 15 per cent of the project has already been completed and it will be ready within three years.

Spread over a 3.5-million-sq-ft area, the development is located within Cluster Z in DMCC, opposite the Montgomery and Emirates’ golf courses and the Emirates Hills community and its residential element consists of studio, one-, two- and three-bedroom apartments as well as a limited number of duplex units.

Seven Tides CEO Abdulla Bin Sulayem said: "Se7en City JLT has been designed to provide everything a resident might possibly want, with retail, entertainment, food and beverage (F&B) outlets, a nursery, gym and a health club."

"However, when residents do venture outside, they will still be able to enjoy the urban vibe, with the excitement and fast-paced, hustle and bustle of city life, right on their doorstep," stated Bin Sulayem.

"In complete contrast, residents will also have the best of both worlds, with stunning panoramic views of Jumeirah Islands, the Montgomerie and Emirates Golf Courses, the Palm Jumeirah, Dubai Marina and Jumeirah Beach Residences," he added.

On the new project, Bin Sulayem, said the striking complex sits upon a common podium, which plays host to promenade restaurants overlooking a lake.

"The tower also features a gym, health club, infinity pool, children’s pool, a roof garden, cafes, other dining options, a large retail offering, covering 150,000 sq ft over three floors, which will include a hypermarket, as well as car parking spaces totalling 2,699, with an additional 620 spaces dedicated to retail parking, including valet," he explained.

"All apartments come complete with high-end fittings and finishes, synonymous with the Se7en brand and also feature built-in wardrobes and branded white goods," he added.

All the residential units at the Se7en City JLT have been priced attractively with the studio apartments (ranging in size from 384 sq ft to 416 sq ft) starting from Dh354,000 onwards, while one-bedroom apartments (in the range of 739 sq ft to 800 sq ft) start at Dh683,000. The prices of two-bedroom apartments (1,073 sq ft) start at Dh992,000.

Finally, the entry price for three-bedroom apartments starts at Dh1.4 million and vary in size from 1,516 sq ft to 1,521 sq ft.

Bin Sulayem said Se7en City JLT also had a very attractive easy payment option for the investors. Under this, a five per cent deposit will be first collected which will then be followed by payments equal to six per cent of the cost price being paid every subsequent quarter, with a completion date of Q3 2021.

"We estimate that studios should yield 12 per cent every year," he stated.

Surveys in the US suggest that over 60 per cent of young professionals now prefer to live in diverse-use
communities. The most popular dwellings are no longer single-family houses, but high-rise multiplexes.

In line with those findings, JLT has become a magnet for young professionals, enjoying an urban lifestyle – working, living and experiencing the urban environment with offices, bars and restaurants only minutes away either on foot or by metro, noted the top official.

"This development also highlights the flexibility of the Se7en brand, it works equally well as a leisure resort on the Palm Jumeirah, as it does within an urban setting in JLT. And investors can expect the same level of quality décor and finish, presented in a contemporary and techno-trendy fashion and with the same compelling value proposition," he added.-TradeArabia News Service